ART & MUSIC & ENTERTAINMENT

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Date of Publishing: 2021
No. of Pages: 137

 Resilience in the Dealer Sector, A Mid-Year Review presents the results of research on the global dealer sector carried out by Arts Economics in 2021. This research aims to provide some initial feedback on how the dealer sector has fared in the first half of 2021, focusing on employment and sales. As sales have continued to move online, and more art is sold outside of the traditional gallery and dealer framework, this report also offers an opportunity to reflect on why collectors still prefer to buy from dealers and the critical roles they play and value they add to the art market in 2021. It is based on a global survey of dealers conducted by Arts Economics in July 2021.

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 Contents:

1. Introduction and Methodology.
1.1. Description of the Dealers Surveyed.
2. Gallery Structures and Employment Trends.
2.1. Business Structures in the Dealer Sector.
2.2. Employment in the Dealer Sector.
2.3. Remote Working in the Dealer Sector.
2.4. Employment Outlook.
Exhibit 1: Recruitment Trends in the Gallery Sector 2021.
3. Sales.
3.1. Sales in the Dealer Sector.
3.2. Dealers' Sales Channels.
3.3. Online Sales.
3.4. Profitability and Outlook.
4. Collector Perspectives.
4.1. Description of the HNW Collector Sample. 
4.2. Description of Collections.
4.3. HNW Collector Expenditure.
4.4. Purchasing Channels.
5. The Role of Dealer in 2021.
5.1. The Role of Dealer.
5.2. Dealers’ Roles in Artists’ Careers.
5.3. Dealers’ Priorities in 2021.
Figure 1.1. Geographical Distribution of Survey Respondents.
Figure 1.2. Annual Sales Turnover (2020) of Survey Respondents.
Figure 1.3. Number of Years in Business.
Figure 2.1. Dealer Business Premises and Structures.
Figure 2.2. Operating Statuses of Dealers in 2020 and 2021.
Figure 2.3. Change in Dealer Employment in 2019-2020 and 2020-H1 2021.
Figure 2.4. Gender Profile of Dealer Employment in H1 2021.
Figure 2.5. Age Profile of Dealer Employment in H1 2021.
Figure 2.6. Gender Profile of Senior Management in the Dealer Sector in H1 2021. Figure 2.7. Share of Employees with Third-Level Degrees in the Dealer Sector in H1 2021.
Figure 2.8. Share of Businesses with Employees Engaged in Remote Work in the Dealer Sector in H1 2021.
Figure 2.9. Share of Remote Working as a Percentage of Total Employment in the US in June 2021.
Figure 2.10. Dealers’ Projected Change in Employment in H2 2021.
Figure 2.11. Share of Dealers’ Total Operating Costs 2019-2021.
Figure 3.1. Average Change in Sales by Dealer Turnover Segment H1 2020 to H1 2021.
Figure 3.2. Factors Negatively Affecting Dealer Sales in Europe.
Figure 3.3. Dealers’ Share of Sales by Value and Medium in H1 2021.
Figure 3.4. Share of Dealer Sales by Value by Sales Channel H1 2021.
Figure 3.5. Average Share of Online Sales by Dealer Annual Turnover Level.
Figure 3.6. Share of Online Sales by Buyer Category in H1 2021.
Figure 3.7.Predicted Change in Net Profitability in 2021 versus 2020.
Figure 3.8. Dealers’ Views on Future Sales.
Table 4.1. Outlook of HNW Collectors over the Short, Medium, and Long-Term 100 Figure 4.1. Age Profile of HNW Collectors Surveyed (All Markets).
Figure 4.2. Wealth Level of HNW Collectors Surveyed (All Markets).
Figure 4.3. HNW Collectors’ Allocation to Art in Overall Portfolio of Wealth.
Figure 4.4. Length of Time Collecting By Market.
Figure 4.5. Size of HNW Collectors’ Collections (Number of Works).
Figure 4.6. Collection Content: Share of Works Purchased by Medium.
Figure 4.7. Share of HNW Collectors Having Purchased Art, Collectibles, and Luxury Assets in Last Two Years.
Figure 4.8. Median Value of HNW Collector Expenditure on Art and Antiques.
Figure 4.9. HNW Collector Expenditure on Art by Medium in H1 2021.
Figure 4.10. Median Expenditure 2019 to H1 2021 by Male versus Female HNW Collectors ($ Thousand).
Figure 4.11. Most Common Price Range for Purchasing Works of Art in H1 2021.  Figure 4.12. Sales Channels used for Purchasing in 2020 and H1 2021.
Figure 4.13. HNW Collector First Preferences for Purchasing Art.
Figure 4.14. HNW Collector Preferences for Purchasing Art through a Gallery or Dealer Figure 4.15. Number of Galleries HNW Collectors Purchased from in 2020 and H1 2021.
Figure 4.16. HNW Collector Preferences for Local versus Overseas Galleries in H1 2021 Figure 4.17. HNW Collectors’ Focus Regarding Galleries during H1 2021.
Figure 4.18. Collectors’ Focus regarding Artists during H1 2021.
Figure 4.19. HNW Collectors’ Attendance at Exhibitions and Events in 2019, 2020, and Planned in 2021.
Figure 4.20. HNW Collectors’ Intentions for Purchases and Sales of Art in 2021.
Figure 4.21. HNW Collectors’ Intentions for Purchases of Art by Medium in 2021.
Figure 5.1.Sales of NFTs on Ethereum.
Figure 5.2. Share of NFT Sales by Value and Category.
Figure 5.3. Dealers’ Views on Sales on External Online Platforms.
Figure 5.4. Main Reasons for HNW Collectors Preferring to Purchase from a Dealer.  Figure 5.5. Most Important Role of a Dealer in Building Collections.
Figure 5.6. Perceived Importance of Institutions in Artists’ Careers.
Figure 5.7. Share of the Number of Exhibitions by Institutions at Artists’ Career Stages Figure 5.8. Number of Institutions Exhibiting at Artists’ Career Stages.
Figure 5.9. Share of Exhibitions of Top-Tier Galleries versus All Other Galleries for Star Artists.
Figure 5.10. Dealers’ Top Priorities for their Businesses (Share of Respondents).

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Date of Publishing: 2021
No. of Pages: 352

The Art Market 2021 presents the results of research on the global art and antiques market in 2020. The report presents some of the key high-level trends in the global art trade, analyzing the performance of different regions, sectors, and value segments of the market, and assessing the impact of the COVID-19 pandemic on sales. The information presented in this study is based on data gathered and analyzed directly by Arts Economics from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. The Appendix offers an outline of some of the main data sources used in the report.

Chapter 1 provides an overview of the global market in 2020, reporting on the value, volume, and regional distribution of sales of art and antiques. It gives a brief overview of sales in the largest art markets over a 10-year period. The chapter also includes commentary on the effects of the change in the US administration on the market and the impact of the 5th Anti-Money Laundering Directive on auction houses and dealers in Europe.

Chapter 2 focuses on dealers and galleries, analyzing sales and other key indicators, assessing how the COVID-19 pandemic has impacted on different value segments and sectors of the market. This chapter looks at costs, margins, and debt in the sector as well as artist representation. It also addresses the changing priorities and outlook for dealers in 2021.

Chapter 3 looks at the auction sector, analyzing key trends in sales by region and value segment, and how they have been impacted by the pandemic in 2020. It presents a comprehensive analysis of some of the principal fine art auction sectors, describing their performance in terms of sales, regional market share, and price distribution.

Chapter 4 provides an overview of art fairs, reporting on the dramatic changes to the art fair calendar in 2020 and the impact this has on art fairs, galleries, and collectors. It assesses the outlook for 2021 given continuing uncertainties, presenting the results of surveys on high net worth (HNW) collectors, art fairs, and dealers.

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Contents:

1. The Art Market: Key Findings.
1.1. Overview of Global Sales. 
1.2. Global Market Share.
1.3. Regional Performance. 
2. Dealer Sales Key Findings.
2.1 Dealers Surveyed in 2020.
2.2 Dealer Sales.
2.3. Dealer Margins. 
2.4. Buyers.
2.5. Artist Representation.
2.6. Artist Representation by Career Stage.
2.7. Artists Gender and Representation.
2.8. Outlook for the Dealer Sector. 

3. Auction Sales: Key Findings 
3.1. Auction Sales in 2020.
3.2. Price Segmentation in Fine Art Auctions.
3.3. Fine Art Sectors.
3.4. Post-War and Contemporary Art.
3.5. Modern Art.
3.6. Impressionism and Post-Impressionism.
3.7. Old Masters and European Old Masters.
3.8. Conclusions.

4. Art Fairs: Key Findings
4.1. Art Fairs in 2020.
4.2. Art Fair Calendar and Cancellations in 2020.
4.3. Art Fair Survey 2020.
4.4. Impact on Gallery Exhibitions in 2020.
4.5. Art Fairs and HNW Collectors. 
4.6. Conclusions.

5. Online Sales: Key Findings.
5.1. The Online Art Market.
5.2. The Online Retail Market.
5.3. Online Auctions.
5.4. HNW Collectors and Buying Online.
5.5. Website Traffic and Social Media.
5.6. Conclusions.

6. Global Wealth and 6 Collector Perspectives: Key Findings.
6.1. Global Wealth in 2020. 
6.2. Wealth Distribution and Millionaires.
6.3. Billionaires.
6.4. Art Collectors Survey. 
6.5. Description of the Collector Sample.
6.6. HNW Collections of Art.
6.7. HNW Collectors’ Expenditure on Art in 2020.
6.8. Buying Channels for HNW Collectors in 2020.
6.9. Collector Motivations.
6.10. Collectors’ Outlook. 

7. Economic Impact and Conclusions: Key Findings.
7.1. Employment in the Art Market in 2020.
7.2. Dealer Sector Employment.
7.3. Auction Sector Employment.
7.4. Ancillary Economic Impact.
7.5. Conclusions.

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Date of Publishing: 2024.
No. of Pages: 256.

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Contents:

1. The Global Art Market 2023
   1.1 Overview of Global Sales
   1.2 Regional Market Performance
   1.3 Online Sales
   1.4 Art and NFTs
   Exhibit 1. Navigating a Sea of Instability
   Exhibit 2. The Legal Framework of China's Art Market
2. Dealers
   2.1 The Dealer Sector in 2023
   2.2 Dealer Sales
   2.3 Artist Representation
   2.4 Dealer Costs and Margins
   2.5 Buyers
   2.6 Sales Channels and Art Fairs
   2.7 Exhibitions and Fairs
   2.8 Online Sales and Strategies
   2.9 Dealer Challenges and Priorities
3. Auction Sales
   3.1 Auction Sales in 2023
   3.2 Top-Tier Auction Houses
   3.3 Mid-Tier Auction Houses
   3.4 Price Segmentation in Fine Art Auctions
   3.5 Fine Art Sectors
   3.6 Post-War and Contemporary Art
   3.7 Modern Art
   3.8 Impressionism and Post-Impressionism
   3.9 Old Masters and European Old Masters
   Exhibit 3. The Outlook for the Chinese Auction Market in 2024
4. Conclusions and Outlook Key Findings
   4.1 A Note on Wealth and Luxury Spending
   4.2 Outlook of the Art Trade in 2024

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Date of Publishing: 2023.
No. of Pages: 438.

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Contents:

1. Wealth and the global art market.

2. Art & Wealth Management Survey.

3. Art wealth protection, estate planning and philanthropy.

4. Culture & social impact investment and sustainability.

5. Art secured lending.

6. Art and investment.

7. Art and technology.

8. Risk Management and regulation.

9. Conclusion.

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Date of Publishing: 2023.
No. of Pages: 148.

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Contents:

1. Introduction.

1.1. Introduction.

1.2. Art Collecting and Wealth.

1.3. Art Market Indicators in H1 2023.

1.4. The Cross-Border Trade in Art.

2. Global Collecting in 2023.

2.1. Global Collecting in 2023.

2.2. Description of the HNW Collector Sample.

2.3. The Content of Collections.

3. HNW Collector Spending.

3.1. Expenditure by HNW Collectors in 2023.

3.2. Expenditure by Medium.

3.3. Expenditure by Artist Characteristics.

3.4. Price Levels for HNW Collector Spending.

3.5. Buying Channels Used by HNW Collectors.

3.6. HNW Collector and Dealer Relationships in 2023.

4. Collector Motivations.

4.1. HNW Collector Motivations in 2023.

Exhibit 1. Why do People Collect?

4.2. Collecting as a Process.

4.3. Financial Motivations, Resales, and Credit Exhibit.

5. Events & Outlook.

5.1. HNW Collector Attendance at Events.

5.2. Buying and Selling Plans for 2023 and 2024.

5.3. HNW Collector Outlook in 2023 Rights and Disclaimer Section. 

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Date of Publishing: 2023.
No. of Pages: 260.

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Contents:

1. The Global Art Market in 2022. 

1.1. Overview of Global Sales.

1.2. Regional Market Performance.

1.3. Online Sales.

1.4. Art and NFTs in 2022.

Exhibit 1. Embracing Technical Innovation in the Artworld.

Exhibit 2. NFTs in a (Legal) Nutshell.

2. Dealers. 

2.1. The Dealer Sector in 2022.

2.2. Dealer Sales.

2.3. Artist Representation.

2.4. Dealer Costs and Margins.

2.5. Buyers.

2.6.  Sales Channels and Art Fairs.

2.7. Online Sales and Strategies.

2.8. Priorities for Dealers in 2022 and Beyond.

3. Auctions. 

3.1. Auction Sales in 2022.

3.2. Top-Tier Auction Houses.

3.3. Second-Tier Auction Houses.

3.4. Online Auction Sales.

3.5. Price Segmentation in Fine Art Auctions.

3.6. Fine Art Sectors.

3.7. Post-War and Contemporary Art.

3.8. Modern Art.

3.9. Impressionism and Post-Impressionism.

3.10. Old Masters and European Old Masters.

Exhibit 3. Unroll the Scroll: The Past and Present of Mainland China’s Auction Sector.

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4. Outlook Key Findings.

4.1. Outlook for 2023.

Exhibit 4. Run Rabbit Run

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Date of Publishing: 2022
No. of Pages: 278

The Art Market 2022 presents the results of research on the global art and antiques market in 2021. The information presented in this study is based on data gathered and analyzed directly by Arts Economics (artseconomics.com) from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. 

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Contents:

1. The Global Art Market in 2021
1.1. Overview of Global Sales.
1.2. Regional Market Performance.
1.3. Online Sales.
1.4. Art and NFTs in 2021.
2. Key Findings.
2.1. Dealers Surveyed in 2021.
2.2. Dealer Sales.
2.3. Dealer Margins.
2.4. Buyers.
2.5. Art Fairs.
2.6. Online Sales and Strategies.
2.7. Outlook for the Dealer Sector.
2. Dealers. 
3. Auctions.
3.1. Auction Sales in 2021.
3.2. Online Auction Sales.
3.3. Price Segmentation in Fine Art Auctions.
3.4. Fine Art Sectors.

3.5. Post-War and Contemporary Art.
3.6. Modern Art.
3.7. Impressionism and Post-Impressionism.
3.8. Old Masters and European Old Masters. 
4. Collectors.
4.1. Global Wealth in 2021.
4.2. Wealth Distribution and Millionaires. 
4.3. Billionaires in 2021.
4.4. HNW Collector Survey. 
4.5. Description of the HNW Collector.
4.6. The Content of Collections. 
4.7. Expenditure on Art in 2021. 
4.8. Expenditure on Digital Art and NFTs. 
4.9. Buying Channels for HNW Collectors in 2021.
4.10. HNW Collector Perceptions and Motivations.
4.11. HNW Collectors’ Concerns in 2021.
5. Outlook.
5.1. Conclusions.
5.2. Outlook for 2022.

Tables and Figures:
Figure 1.1. Sales in the Global Art Market 2009–2021.
Figure 1.2. Growth in Sales by Value in the Global Art and Antiques Market 2009–2021.
Figure 1.3. Global Art Market Share by Value in 2021.
Figure 1.4. Global Art Market Share of the US, UK, and Greater China 2012–2021.
Figure 1.5. Sales in the Major Art Markets 2009–2021.
Figure 1.6. Online Sales of Art and Antiques 2013–2021.
Figure 1.7. Share of Online Sales in the Art Market versus General Retail 2016–2021.
Figure 1.8. Share of Value of Art and Collectibles in All NFT Sales 2019–2021.
Figure 1.9. Sales of Art and Collectibles NFTs 2019–2021.
Figure 1.10. Share of Primary Versus Secondary Sales of Art NFTs 2019–2021.
Figure 1.11. Share of Primary versus Secondary Sales of Collectibles NFTs 2019–2021.
Figure 1.12. Monthly Values Traded in Art and Collectibles NFTs 2019–2022.
Figure 2.1. Annual Sales Turnover of Survey Respondents in 2021.
Figure 2.2. Dealers’ Number of Years in Business in 2021.
Figure 2.3. Average Change in Sales Values by Dealer Turnover Segment 2020–2021. 
Figure 2.4. Average and Median Sales in the Primary versus Secondary Markets 2020–2021.
Figure 2.5. Average Change in Turnover by Dealer Sector 2020–2021.
Figure 2.6. Fine Art Dealers’ Share of Sales by Value and Medium in 2021.
Figure 2.7. Share of Dealers Selling NFTs in 2021.
Figure 2.8. Share of the Volume of Sales by Dealers 2019–2021. 
Figure 2.9. Share of the Volume of Sales by Price Bracket in 2021. 
Figure 2.10. Dealers’ Outlook for Sales in 2022. 
Figure 2.11. Share of Total Costs for Dealers 2020 versus 2021. 
Figure 2.12. Change in (Net) Profitability 2020 versus 2021. 
Figure 2.13. Number of Buyers in 2021.
Figure 2.14. Share of Dealer Sales to Buyer Groups by Purchase History in 2021. 
Figure 2.15. Share of Dealer Sales by Buyer Type in 2021. 
Figure 2.16. Share of the Value of Dealer Sales by Sales Channel.

Figure 2.17. Share of the Value of Art Fair Sales by Dealers by Year and Level of Turnover 2019–2021.
Figure 2.18. Average Number of Gallery Exhibitions by Year and Level of Turnover
2019–2022. 
Figure 2.19. Art Fairs Held 2019, 2020, and 2021.
Figure 2.20. Number of Art Fairs Held by Region in 2020 and 2021. 
Figure 2.21. Change in Visitor Numbers 2019 versus 2021 – Selected Fairs.
Figure 2.22. Change in Exhibitor Numbers 2019 versus 2021 – Selected Fairs.
Figure 2.23. Average Number of Art Fairs by Year and Level of Turnover 2019–2022. 
Figure 2.24. Dealers’ Outlook for Art Fair Sales in 2022.
Figure 2.25. Dealers’ Share of Online Sales in 2019, 2020, and 2021.
Figure 2.26 | Average Share of the Value of Dealer Sales Made Online in 2019, 2020, and 2021 by Level of Turnover.
Figure 2.27. Share of the Value of Online Sales by Dealers by Buyer Category in 2021.
Figure 2.28. Share of Online Sales by Buyer Category and Level of Dealer Turnover in 2021. 
Figure 2.29. Online Strategies Used by Dealers in 2020, 2021, and Planned for 2022.
Figure 2.30. Most Helpful Online Strategies for Dealers in 2021.
Figure 2.31. Share of Dealers Engaged in Online and Offline Collaborations in 2020, 2021, and Planned for 2022.
Figure 2.32. Dealers’ Outlook for Online Sales in 2022.
Figure 2.33. Dealers’ Views on the Permanence of Pandemic-Led Changes.
Figure 2.34. Top Five Business Priorities for Dealers 2019–2023. 
Table 3.1. Website Metrics of Selected Auction Aggregators and Auction Houses in 2021.
Table 3.2. Annual Growth and Share of Auction Sales by Price Segment 2019–2021. 
Table 3.3. Global Market Share: Old Masters Auction Market in 2021.
Figure 3.1. Global Auction Sales 2019–2021.
Figure 3.2. Global Public Auction Market Share by Value in 2021.
Figure 3.3. Second-Tier Auction House Share of Sales by Sales Channel in 2021. 
Figure 3.4. Number of Buyers in 2021 by Second-Tier Auction House Turnover Level. 
Figure 3.5. Share of Second-Tier Auction House Sales to Buyers by Purchase History
in 2021. 
Figure 3.6. Change in Net Profits for Second-Tier Auction Houses 2021 versus 2020.
Figure 3.7. Increase in Share of Online-Only Sales: Sotheby’s, Christie’s, and Phillips 2009–2021.
Figure 3.8. Share of Online Sales by Second-Tier Auction House Annual Turnover in 2021.
Figure 3.9. Share of Sales via ATG’s Art and Antiques Platforms 2020–2021.
Figure 3.10. Share of Sales via LiveAuctioneers.com 2019–2021.
Figure 3.11. Change in Global Website Traffic Ranking 2017 versus 2021.
Figure 3.12. Share of Online Lots Sold at Fine Art Auctions in 2021. 
Figure 3.13. Share of Online Lots Sold at Fine Art Auctions in 2021 by Price Segment.
Figure 3.14. Share of Online Lots Sold in Total Sales at Fine Art Auctions in 2021 by
Price Segment. 
Figure 3.15. Share of Lots Sold and Total Values at Fine Art Auctions in 2021 by
Price Bracket. 
Figure 3.16. Growth of Sales by Value in Auction Price Segments 2005–2021.
Figure 3.17. Market Share in Auction Price Segments 2009–2021.
Figure 3.18. Market Share of the Fine Art Auction Market by Price Segment in 2021.
Figure 3.19. Market Share by Value of the Fine Art Auction Market: Selected Years
2000–2021. 
Figure 3.20. Market Share by Sector of the Fine Art Auction Market in 2021.
Figure 3.21. Post-War and Contemporary Art Auction Sales: 2009–2021.
Figure 3.22. Market Share of the Post-War and Contemporary Sector in 2021. 
Figure 3.23. Sales in the Post-War and Contemporary Sector Key Markets 2009–2021.
Figure 3.24. Sales by Price Bracket in the Post-War and Contemporary Sector in 2021.
Figure 3.25. Sales of Works by Living versus Deceased Post-War and Contemporary
Artists 2017–2021.
Figure 3.26. Share of Sales by Living versus Deceased Post-War and Contemporary Artists in 2021.
Figure 3.27. Share of Sales within the Post-War and Contemporary Sector in 2021:
Living and Deceased Artists’ Works.
Figure 3.28. Share of Sales of Living Artists’ Works by Price Bracket in 2021.
Figure 3.29. Modern Art Auction Sales 2009–2021.
Figure 3.30. Market Share of the Modern Art Sector in 2021.
Figure 3.31. Sales in the Modern Art Sector Key Markets 2009–2021.
Figure 3.32. Share of Sales in the Modern Art Sector by Price Bracket in 2021.
Figure 3.33. Impressionist and Post-Impressionist Auction Sales 2009–2021.
Figure 3.34. Market Share of the Impressionist and Post-Impressionist Sector in 2021.
Figure 3.35. Sales in the Impressionist and Post-Impressionist Sector Key Markets
2009–2021.
Figure 3.36. Sales by Price Bracket in the Impressionist and Post-Impressionist Sector
in 2021. 
Figure 3.37. Old Masters Auction Sales 2009–2021.
Figure 3.38. Sales in the Old Masters Sector Key Markets 2009–2021.
Figure 3.39. Sales in the Old Masters Sector by Price Bracket in 2021. 
Figure 4.1. Growth and Estimates in Regional and World GDP 2008–2022. 
Figure 4.2. Change in Consumer Prices (Inflation) and Sales in the Art Market
2000–2022. 
Figure 4.3. The Distribution of World Wealth in 2021.
Figure 4.4. Number and Wealth of Dollar Millionaires 2012–2021. 
Figure 4.5. Global Share of the Population of Dollar Millionaires in 2021.
Figure 4.6. Number and Wealth of Billionaires 2008–2021. 
Figure 4.7. Global Share of Billionaires in 2021.
Figure 4.8. Changes in Billionaire Wealth December 2020–December 2021.
Figure 4.9. HNW Collector Survey: Market Summaries.
Figure 4.10. HNW Collectors’ Allocation to Art in Overall Portfolio of Wealth in 2021.
Figure 4.11. Length of Time Collecting by HNW Collector Location.
Figure 4.12. Size of HNW Collector Collections (Number of Works) in 2021. 
Figure 4.13. Collection Content: Share of Works by Artist Status in 2021. 
Figure 4.14. Collection Content: Share of Male versus Female Artists’ Works in 2021.
Figure 4.15. Collection Content: Share of Works by Medium in 2021.
Figure 4.16. Share of HNW Collectors Having Purchased Art, Collectibles, and Luxury Assets in 2020 and 2021. 
Figure 4.17. Median Number of Purchases by HNW Collectors 2019–2021.
Figure 4.18. Median Value of Expenditure by HNW Collectors 2019–2021.
Figure 4.19. Share of HNW Collectors Spending over $1 million on Art and Antiques
by Wealth Level 2019–2021.

Figure 4.20. Median Expenditure by Male versus Female HNW Collectors 2019–2021.
Figure 4.21. Most Common Price Range for Purchasing Works of Art in 2021.
Figure 4.22. Share of HNW Collector Expenditure on Art by Medium in 2021.
Figure 4.23. HNW Collector Average Expenditure on Digital Art in 2021.
Figure 4.24. Share of Expenditure by HNW Collectors Who Bought NFTs in 2021.
Figure 4.25. HNW Collector Expenditure on NFTs by Generation in 2021.
Figure 4.26. Sales Channels used by HNW Collectors for Purchasing in 2021.
Figure 4.27. Use of Online Channels for Purchasing by Generation in 2021.
Figure 4.28. HNW Collectors’ Average Share of Expenditure by Channel in 2021 237
Figure 4.29. HNW Collectors’ First Preferences for Purchasing Art in 2021 238
Figure 4.30. Number of Galleries HNW Collectors Purchased from in 2021 239
Figure 4.31. Preferences of HNW Collectors for Local versus Overseas Galleries in 2022.
Figure 4.32. Share of Galleries that HNW Collectors Purchased From in 2021
by Gallery Focus.
Figure 4.33. HNW Collector Focus Regarding Galleries during 2021.
Figure 4.34. HNW Collector Focus Regarding Artists during 2021.
Figure 4.35. HNW Collector Profiles in 2021.
Figure 4.36. Share of HNW Collectors Having Resold Works from Their Collections in 2020 and 2021.
Figure 4.37. HNW Collector Motivations for Selling Works from their Collections.
Figure 4.38. Top 10 Concerns of HNW Collectors Regarding the Art Market in 2021.
Table 5.1. Outlook of HNW Art Collectors over the Short-, Medium-, and Long-Term.
Figure 5.1. HNW Collector Intentions for Purchases and Sales of Art by Generation
in 2022. 
Figure 5.2. HNW Collector Intentions for Purchases of Art by Medium in 2022.
Figure 5.3. Dealers’ Outlook for Sales in 2022.
Figure 5.4. Second-Tier Auction Houses’ Outlook for Sales in 2022.

Figure A1. Geographical Distribution of Respondents in 2021.
Figure A2. Share of Respondents by Reported Annual Turnover 2019–2021.
Figure A3. Age Profile of HNW Collectors Surveyed in 2021 (All Markets).
Figure A4. Wealth Level of HNW Collectors Surveyed in 2021 (All Markets).
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